Central Petroleum set on Cottee

The conflict-plagued board of
Central Petroleum
has anointed renowned oil and gas dealmaker Richard Cottee to lead the company.

But Central shareholders, including Queensland billionaire
Clive Palmer
, still need to approve Mr Cottee’s appointment as chief executive and director at what shapes as a fiery general meeting in Perth next month.

Other resolutions to be heard at the meeting include one for the removal of former chief executive
John Heugh
from the board. In turn, Mr Heugh’s supporters have called for the removal of chairman
Henry Askin
and directors
Richard Faull
and
William Dunmore
. Central terminated Mr Heugh’s employment in March, prompting him to take legal action against the company. He has resisted attempts to force him to step down from the board.

If ratified, Mr Cottee’s appointment is expected to result in swift progress with deals to bring joint venture partners into Central’s projects.

He rose to prominence as chief executive of coal seam gas producer Queensland Gas Company, which was sold to BG Group for $5.7 billion in 2008.

“Richard Cottee is an outstanding candidate and ideal person to lead our commercial development and give Central a new beginning," Mr Askin said yesterday.

Mr Palmer, who owns a 5 per cent stake in Central, could not be contacted for comment yesterday. Central shares gained 0.3¢ to 9.6¢ yesterday.